Agenda item

(B) Report of Urgent Action Taken: Financial Services Skills Commission – to note action taken under urgency procedures in relation to the establishment of the Financial Services Skills Commission.

For Information

Report of Action Taken: Financial Services Skills Commission

In the absence of a meeting of the Court of Common Council in April and to facilitate the launch of the Financial Skills Services Commission on 30 April, approval had been sought under urgency procedures for the City Corporation to become a corporate member of the new financial services skills company limited by guarantee (to be known as the Financial Services Skills Commission or such other name as may be agreed), becoming one of two ‘permanent’ members of the new company. This proposal followed previous approvals in respect of support for this new body, working with Her Majesty’s Government.

The Chair of the Policy & Resources Committee also nominated as the City Corporation’s appointee to the Board of Directors of the new company, with the Deputy Chairman, and/or Vice Chairmen of the Policy & Resources Committee to be appointed Alternate Directors as permitted under the Articles of Association of the new company.

Various additional approvals were also awarded to allow for the Town Clerk to undertake such actions as may be required to incorporate and register the new company, and following incorporation, as may be required for the City Corporation in the exercise of its rights as a company member; as well as for the Comptroller and City Solicitor to take any relevant steps for the incorporation and registration of the new company, including to settle the Articles of Association and any other documentation relating to or arising from the establishment of the company.

Resolved – That the action taken under urgency procedures be noted.